Citing geopolitical risk, U.S. raises oil price forecast

A forecast for a $7 per barrel increase in the average price for oil this year was made before the U.S. left the Iranian nuclear deal, the government said. In a daily market brief , the U.S. Energy Information Administration said it expected the price for Brent crude oil will be around $71 per barrel for the year, an increase of $7 per barrel from its April forecast. In April, when EIA was developing its forecasts for this month, geopolitical risk emerged as a factor for a premium on the price of oil. “These risks, including the re-imposition of oil sanctions against Iran and the upcoming results of May elections in Venezuela, may materialize into […]